College of Engineering Unit:
The purpose of this project is to serve as a case study for other student entrepreneurs to leverage as a foundation for forming a valid business model, particularly for a software product. The research began with a review of literature that uncovered the mistakes and successes of models that other software companies have employed. With that wisdom in mind, I conducted snowball sampling to survey experienced leaders in the realm of software entrepreneurship to determine which business model and strategies would be necessary to optimize profit for Team Tracker. After exploring software licensing, subscription, and exit strategies, I identified the tiered subscription service as the best option to accommodate for the varying size of our clients’ teams. Additionally, the software was restructured under the paradigm of multiple micro-services, instead of one overarching service, which enables us to attract a variety of clients. I also found that implementing a referral and partnership program with proper incentives to be extremely useful for our growth strategy. Ultimately, I can conclude from my research that there is no one strategy to rule them all. Each business offers a variety of nuances, thus, finding stellar advisors and testing is of utmost importance.